{"id":12096,"date":"2013-04-18T13:06:56","date_gmt":"2013-04-18T20:06:56","guid":{"rendered":"https:\/\/www.movoto.com\/blog\/?p=12096"},"modified":"2013-04-18T13:06:56","modified_gmt":"2013-04-18T20:06:56","slug":"san-francisco-market-trends","status":"publish","type":"post","link":"https:\/\/www.movoto.com\/blog\/san-francisco-market-trends\/","title":{"rendered":"San Francisco, CA Real Estate Market Trends \u2013 April 2013"},"content":{"rendered":"

San Francisco is in the middle of a home buying frenzy, and if you\u2019re looking to sell in this area, right now is the time to do so. Homes are selling for more than they were this time last year, and they\u2019re not staying on the market longer. This trend could continue throughout the year, but right now is prime selling time.<\/p>\n

Decrease in Housing Inventory<\/h2>\n

Right now, there are 492 homes on the market in San Francisco<\/a>. Last month there were 436. There was a 13 percent increase in homes available during this one month time period, but the more interesting number comes from last year\u2019s inventory. Around this time in 2012, there were 712 homes on the market. The difference between last year\u2019s inventory and today\u2019s inventory is 31 percent. This number shows a large decrease in properties for sale, leaving buyers with much less to choose from.<\/p>\n

Steady Increase in Home Prices<\/h2>\n

Home prices took a slight dive from last month. Right now, the average price sits at $795,000, which is a 9 percent decrease from last month, when the median price was $896,000. Although this is clearly a decline, again, this trend does not seem likely to continue throughout the year, and looking at last year\u2019s median home prices gives a better picture of this metric. In 2012, homes sold for $699,000. The 14 percent increase from 2012 to 2013 shows a small, but steady growth pattern in this area.<\/p>\n

Homes Being Sold Quickly<\/h2>\n

It doesn\u2019t take long to sell a home in San Francisco<\/a>. Houses are on the market for an average of 16 days, compared to 18 days last month, and 32 days last year. The difference between last month and today is 11 percent. The difference between last year and today is 50 percent. This is a big deal in terms of who\u2019s dominating the markets in this area right now, and these trends show that it\u2019s clearly a sellers\u2019 market.
\nThe median dollar per square feet is currently $620, slightly down from a month ago at $670. A year ago, the average dollar per square foot was $529. The difference between today and last month is 7 percent. The difference between today and last year is 17 percent. Again, a clear indicator that sellers have the advantage here.<\/p>\n

California Interest Rates are Low<\/h2>\n

The good thing for buyers is that the California mortgage interest rates are at 3.34 percent. This rate is in line with the national average. A month ago it was just under 3.51 percent. Last year\u2019s rates were over 4 points higher at 3.7 percent. Although home prices are up, with the current rates, purchasing now would be ideal for homeowners.
\nThe homes in San Francisco<\/a> aren\u2019t cheap, but they\u2019re flying off the market at record speeds. Homeowners are taking advantage of this trend, and reaping the benefits at the closing table. If you\u2019re looking to buy in the area, you should do so while the rates are low, and before the home prices increase again, which they will more than likely do. It\u2019s a sellers\u2019 market in San Francisco, and that doesn\u2019t seem likely to change any time soon.<\/p>\n","protected":false},"excerpt":{"rendered":"

San Francisco is in the middle of a home buying frenzy, and if you\u2019re looking to sell in this area, right now is the time to do so.<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[41],"tags":[],"class_list":["post-12096","post","type-post","status-publish","format-standard","hentry","category-market-trends","post--single"],"yoast_head":"\nSan Francisco, CA Real Estate Market Trends \u2013 April 2013<\/title>\n<meta name=\"description\" content=\"San Francisco is in the middle of a home buying frenzy, and if you\u2019re looking to sell in this area, right now is the time to do so.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.movoto.com\/blog\/san-francisco-market-trends\/\" \/>\n<meta property=\"og:locale\" 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